TORONTO, Ont. – Tire prices could be on the upswing due to an increase in the price of raw materials, some manufacturers are warning.
Michelin North America announced prices for tires, including heavy truck tires, will increase up to 8% in the US, Canada and Mexico. Michelin notes it is its first price increase since 2012, “comprising net effects of raw material prices as well as the company’s market-leading technology enhancements, innovations and other market conditions.”
Yokohama also announced its tires will increase up to 7% effective Apr. 1
“This pricing action is necessitated by the high cost of raw materials and freight expenses that have impacted us in 2016 and will continue to be a factor in the business,” said Rick Phillips, Yokohama Tire vice-president of sales. “As always, Yokohama will continue to bring the best product to market at competitive prices.”